MGM Northfield Park Sold in $546 Million Private Equity Deal
Ohio casino-resort MGM Northfield Park has finally been sold to private equity firm Clairvest in a $546 million deal.
MGM Resorts International announced the sale last October. However, the dotted line was only signed this week. As agreed in the original deal, Clairvest Group Inc. pays $546 million in cash for Ohio’s premier gambling resort.
MGM Northfield Park has been running since the 1930s, when it consisted of just a racetrack. The track remains, but slots and table games were added following a 2009 referendum. Following a brief closure, the park reopened this week as Northfield Park Racino.
At a Glance:
- Ohio’s MGM Northfield Park sold to Clairvest Group Inc. for $546 million
- Deal marks 14th land-based agreement by private equity firm
- Clairvest also owns Delaware Park Casino & Racing
- MGM Northfield Park has offered casino games since 2009
MGM CEO highlights growth opportunities and shareholder payouts
MGM Resorts International bought what was then the Hard Rock Rocksino Northfield Park in 2018. The gambling giant bought the park for $275 million, easily making double its money with the current deal. The sale helped MGM achieve a 4% year-over-year increase in net revenue in Q1.
“MGM Northfield Park is a market‑leading property supported by a talented team that has consistently delivered outstanding guest experiences," said Bill Hornbuckle, CEO & President of MGM Resorts International.
"The property has a strong foundation, and we extend our best wishes to the team and new ownership for continued success in the next chapter of the property's evolution."
Clairvest will take on a lease consisting of an annual rent of $53 million. However, that’s a reduced cost for Clairvest — part of the deal when acquiring the racino. The lease agreement is with VICI Properties Inc., the real estate investment trust that owns casino land across the U.S.
Northfield Park Racino joins Delaware Park in the Clairvest family
Clairvest has a long-term investment strategy in acquiring land-based casinos. It now has 14 land-based agreements, including Delaware Park, purchased in 2021.
Like Northfield Park, Delaware Park includes a casino and racetrack, offering slots and pari-mutuel betting. Delaware Park also has a long history stretching back to the '30s.
Ohio considers new sports betting taxation
The sale of MGM Northfield Park comes amid uncertainty about gambling in Ohio. Last week, Republican lawmakers introduced the Save Ohio Sports Act to ban online sports betting.
The law would also limit retail sportsbooks to four cities, including Cincinnati and Columbus. That would rule out Northfield Park Racino, although it would keep its casino games under the proposals.
Additionally, Senator Louis Blessing III is proposing a 2% tax hike on sports betting. The “privilege fee” would be in addition to a 20% tax on operators. The hope is to raise $200 million for local stadium upgrades.
